Chelsea Building Society

Mithos

mean_momma wrote: »

Well, I always had the feeling that they might well have ambitions go down the banking route, or at least expand. Must have picked this up from hints in the press.

Maybe! A few things make me still believe in their ideals of being a mutual;

1) Every year when its member voting time there is never anyone who puts forward the idea to demutualise. Thus there literally is no one on the board who would push in favor of that.
2) Chelsea is seriously old fashioned. Certain accounts don't even let you have BACS out.
3) No Internet banking.
4) No debit or credit cards on their version of a bank account , account.
5) A huge number of its investors of over 50 supposedly because they like the above points.

Finally seeing as all the recently troubled banks and "building societies" are in this list I would think they would try to defend their status as a mutual for the foreseeable future and keep away from any stocks and shares situations.